Ares Management Corp Files 2024 Q2 10-Q

Ticker: ARES-PB · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 1176948

Ares Management Corp 10-Q Filing Summary
FieldDetail
CompanyAres Management Corp (ARES-PB)
Form Type10-Q
Filed DateAug 7, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, financials, SEC filing

TL;DR

Ares Management Corp dropped its Q2 10-Q. Check financials.

AI Summary

Ares Management Corp filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position. Key financial data and operational updates are provided for the second quarter of 2024.

Why It Matters

This filing provides investors and analysts with the latest financial results and disclosures from Ares Management Corp, crucial for understanding the company's performance and outlook.

Risk Assessment

Risk Level: medium — As a financial services company, Ares Management Corp is subject to market, credit, and operational risks inherent in the investment management industry.

Key Numbers

  • 2024 Q2 — Reporting Period (Financial results for the second quarter of 2024 are detailed.)

Key Players & Entities

  • Ares Management Corp (company) — Filer of the 10-Q
  • 20240630 (date) — End of the reporting period
  • 20240807 (date) — Filing date of the 10-Q
  • 0001176948 (company) — Central Index Key for Ares Management Corp

FAQ

What is the primary purpose of this 10-Q filing?

The 10-Q filing provides a comprehensive quarterly update on Ares Management Corp's financial performance and position for the period ending June 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q filing was made on August 7, 2024.

What is the Central Index Key (CIK) for Ares Management Corp?

The CIK for Ares Management Corp is 0001176948.

What is the fiscal year end for Ares Management Corp?

The fiscal year end for Ares Management Corp is December 31.

What is the business address of Ares Management Corp?

The business address of Ares Management Corp is 2000 Ave of the Stars, 12th Floor, Los Angeles, CA 90067.

Filing Stats: 4,470 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-08-06 19:27:13

Key Financial Figures

  • $0.01 — stered Class A common stock, par value $0.01 per share ARES New York Stock Exchange

Filing Documents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 9 Condensed Consolidated Statements of Financial Condition as of June 3 0 , 2024 and December 31, 2023 9 Condensed Consolidated Statements of Operations for the three and six months ended June 3 0 , 2024 and 2023 10 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 11 Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2024 and for the year ended December 31, 2023 12 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 14 Notes to the Condensed Consolidated Financial Statements 15

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 53

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 107

Controls and Procedures

Item 4. Controls and Procedures 108

—OTHER INFORMATION

PART II—OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 109

Risk Factors

Item 1A. Risk Factors 109

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 109

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 109

Mine Safety Disclosure

Item 4. Mine Safety Disclosure 109

Other Information

Item 5. Other Information 110

Exhibits

Item 6. Exhibits 111

Signatures

Signatures 112 2 Table of Contents Cautionary Note Regarding Forward-Looking Statements This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which reflect our current views with respect to, among other things, future events, operations and financial performance. You can identify these forward-looking statements by the use of forward-looking words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "predicts," "intends," "plans," "estimates," "anticipates," "foresees" or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. Some of these factors are described in this report and in our Annual Report on Form 10-K for the year ended December 31, 2023, under the headings "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Item 1A. Risk Factors." These factors should not be construed as exhaustive and should be read in conjunction with the risk factors and other cautionary statements that are included in this report and in our other periodic filings. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from those indicated in these forward-looking statements. New risks and uncertainties arise over time, and it is not pos

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Ares Management Corporation Condensed Consolidated Statements of Financial Condition (Amounts in Thousands, Except Share Data) As of June 30, 2024 December 31, 2023 (unaudited) Assets Cash and cash equivalents $ 284,445 $ 348,274 Investments (includes accrued carried interest of $ 3,222,927 and $ 3,413,007 as of June 30, 2024 and December 31, 2023, respectively) 4,415,428 4,624,932 Due from affiliates 816,535 896,746 Other assets 579,509 429,979 Right-of-use operating lease assets 231,518 249,326 Intangible assets, net 1,001,126 1,058,495 Goodwill 1,130,327 1,123,976 Assets of Consolidated Funds: Cash and cash equivalents 1,241,041 1,149,511 Investments held in trust account 536,846 523,038 Investments, at fair value 13,678,134 14,078,549 Receivable for securities sold 182,945 146,851 Other assets 94,703 100,823 Total assets $ 24,192,557 $ 24,730,500 Liabilities Accounts payable, accrued expenses and other liabilities $ 274,144 $ 233,884 Accrued compensation 296,784 287,259 Due to affiliates 349,222 240,254 Performance related compensation payable 2,341,094 2,514,610 Debt obligations 2,566,887 2,965,480 Operating lease liabilities 304,205 319,572 Liabilities of Consolidated Funds: Accounts payable, accrued expenses and other liabilities 170,672 189,523 Due to affiliates — 3,554 Payable for securities purchased 503,533 484,117 CLO loan obligations, at fair value 11,491,761 12,345,657 Fund borrowings 137,241 125,241 Total liabilities 18,435,543 19,709,151 Commitments and contingencies Redeemable interest in Consolidated Funds 536,746 522,938 Redeemable interest in Ares Operating Group entities 23,178 24,098 Non-controlling interests in Consolidated Funds 1,905,921 1,258,445 Non-controlling interests in Ares Operating Group entities 1,289,401 1,322,469 Stockholders' Equity Class A common stock, $ 0.01 par value, 1,500,000,000 shares authorized ( 195,697,984 shares and 187,069,907 shares issued

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